Costco Pet Insurance Review 2024

About Costco pet insurance

Costco earned 5 stars out of 5 for overall performance. It sells pet insurance through a partner carrier, Figo, and Costco members get a 15% discount off Figo’s normal monthly rates. However, you’ll have to pay a $15 enrollment fee unless you’re an Executive member.

Pet insurance plans from Costco and Figo include coverage for things like hereditary and congenital conditions, dental illnesses, holistic treatments and surgery. You can add optional coverage for sick exam fees and preventive care services.

Figo appears on NerdWallet's list of the best pet insurance companies.

Costco pet insurance plans and coverage

Costco’s pet insurance partner, Figo, offers an accident and illness plan with optional add-ons, which it calls “Powerups.”

Note: Coverage options and availability may vary depending on where you live and the age and breed of your pet.

Accident and illness coverage

An accident and illness plan from Figo and Costco covers:

• Hospitalization, medication and surgery for illnesses or accidental injuries. These include cancer, chronic conditions, and hereditary and congenital issues.

• Lab and diagnostic tests.

• Rehabilitative, holistic and alternative treatments.

• Mobility devices.

• Non-routine dental treatment.

• Euthanasia.

Optional Powerups

Depending on where you live, you may have a couple of optional Powerups you can add to your accident and illness policy. The wellness Powerup can reimburse you for:

• Annual checkups.

• Vaccinations

• Routine tests.

• Spay or neuter surgery.

• Dental cleaning.

• Microchipping or health certificates.

• Deworming.

The Veterinary Exam Fees Powerup pays for sick exam fees and adds up to $250 per policy period toward prescription food. The food must be the only treatment for a covered illness.

What’s not covered

A pet insurance plan from Costco and Figo won’t cover:

• Pre-existing conditions, unless they’re curable and your pet hasn’t shown any symptoms for at least 12 months.

• Experimental procedures.

• Cosmetic surgery.

• Cloned pets or cloning procedures.

• Expenses associated with breeding or giving birth.

• Treatment not recommended by your vet.

• Supplements and vitamins.

• Conditions caused by deliberate injury, neglect, organized fighting or commercial activities.

» MORE: What does pet insurance cover?

Coverage options

Deductibles: A pet insurance deductible is the amount you have to pay before your plan reimburses you for vet expenses. A Costco plan from Figo may come with a choice of annual deductibles from $100 through $1,500, depending on where you live and the age of your pet.

For each year your pet stays healthy and you don’t file a claim, your deductible will go down by $50. Once you do submit a claim, your deductible will reset to its original amount.

Reimbursement amounts: After you’ve met your deductible, you can choose to be reimbursed for 70%, 80%, 90% or 100% of your vet bills.

When calculating claim payouts in most states, Figo applies the reimbursement rate to your total vet bill, then subtracts your deductible. Here’s how that would work if you had a vet bill of $1,500, a $500 deductible and an 80% reimbursement rate.

• 80% of the $1,500 vet bill = $1,200.

• $1,200 - $500 deductible = $700.

Figo would reimburse you $700, and you’d pay the remaining $800.

A few other insurers subtract your deductible first, which leads to a bigger payout. Here’s how the math would work for the same claim as above:

• $1,500 vet bill - $500 deductible = $1,000.

• 80% of $1,000 = $800.

The insurer would reimburse $800, and you’d pay $700.

Coverage limits: You can choose an annual coverage amount of $5,000, $10,000 or unlimited.

Restrictions and waiting periods

Age restrictions: Pets must be 8 weeks old to enroll, with no upper age limit.

Waiting periods: A waiting period is the time between when you buy your policy and when your coverage starts. Costco and Figo generally have waiting periods of one day for accidents, 14 days for illnesses and six months for canine orthopedic conditions. Figo may waive the orthopedic waiting period if your vet fills out a form within 30 days of your policy effective date.

Sample rates

The cost of Costco pet insurance will depend on where you live and your pet’s age and breed. Below are sample rates from Figo, incorporating the Costco member discount, for six common dog breeds at ages 2 and 8. Rates are sample monthly premiums for dogs living in Katy, Texas. Our sample plan was for accident and illness coverage with a $250 deductible, $5,000 of annual coverage and an 80% reimbursement rate.

Below are sample rates for six common cat breeds at ages 2 and 8 with the same coverage limits as above. Rates are sample monthly premiums for cats in Katy, Texas.

Discounts

Costco members get a 15% discount on Figo pet insurance. Executive members can also avoid the $15 enrollment fee.

Figo also offers discounts for insuring multiple pets or being a member of the military.

State availability

Figo, Costco’s pet insurance partner, is licensed to sell policies in all 50 states and Washington, D.C.

Consumer experience

Website: The Costco website has some information about its pet insurance policies, but to get a quote or file a claim online, you’ll need to visit the Figo website. There you’ll also find FAQs about the company’s coverage and a sample policy you can review.

App: Costco members get access to Figo’s Pet Cloud app, which offers claims filing, a 24/7 live vet chat and a spot to store your pet’s medical records. You can also use the app to connect with local pet parents and search for dog walkers, groomers and other services.

Claims: You’ll file claims via the Pet Cloud, either online or through the mobile app. You can also track the status of your claim via the Pet Cloud. Figo says it processes most claims in less than three business days.

Customer service: Figo has a dedicated customer service line for Costco members at 844-200-2607. It’s staffed Monday through Saturday. You can also email [email protected], text 216-250-9231 or use the live chat feature on Figo’s site.

Getting a quote

Like many pet insurers, Figo offers a quick and easy quoting process. However, to get the Costco discount, you’ll want to make sure you start on Costco’s website and click “get a quote.”

Once you’re on Figo’s site, you’ll fill out a few basic fields such as your pet’s name, age and breed, plus your ZIP code and email address. See a screenshot below.

On the next screen, you’ll be able to choose from a variety of plans, with the option to create a custom policy or add extras like wellness coverage.

Once you’ve chosen your options, you’ll move to the next screen to provide your mailing address, phone number and Costco membership number before giving your payment details.

Costco pet insurance vs. competitors

See how Costco pet insurance stacks up against plans from several other popular carriers.

How we review pet insurance

Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy to help you choose the financial products that work best for you. In our pet insurance reviews, we consider coverage, discounts, financial strength ratings from AM Best and more to determine our star ratings.

Our rating system rewards companies that cover a wide range of potential expenses, offer many ways to customize your plan and have a strong financial rating. Within the consumer experience category, we looked at features such as mobile app ratings and whether the company offers direct vet payments. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

Dive deeper with our criteria for evaluating pet insurance companies.

Methodology